What's with the $85 CD?
On Dec 15th 2008 I posted this bit on Twitter -
Now, typically, that's exactly the kind of thing I'd say cuz it's funny or absurd and leave it at that. But this time - just putting the words out there made it different.
So I went to CD Baby and changed the price of my solo bass CD Outre - to $85.00.
So what happened?
I got a few e-mails from buyers and a call from CD Baby asking if it was a typo. If the real price was supposed to be $8.50.
No, I explained - the price is $85.00. To those that emailed and wanted the download version - I directed them to THIS $6.99 DRM free download of Outre. I get to keep all the money on that sale AND offer it at a lower price than on I can on CD Baby.
One copy did sell at $85.00. Thank you.
Why did I do it?
With EVERYONE talking about music being free, or close to free - I felt the need to indulge my contrarian impulse. Not only would I RAISE the price - I'd raise it absurdly. $85.00.
After I raised the price I began to think differently about music and artists pricing their works.
For example.
I occasionally go to art festivals here in the Bay Area. Every once in a while we'll see something that's truly striking. We'll look at it, marvel at how awesome it is - and then notice the price. Oh - $15,000. Oh well.
Obviously that artist carts that big ass painting or sculpture around to every art festival they can with the hope it finds the ONE person who will pay $15,000 for it.
We accept this dynamic for paintings - sculptures and other works of "fine art". But not for recorded music.
I decided to try to find the ONE person who would buy Outre for $85.00.
I did.
So now the experiment is over and the price will return to the level the "market" expects a CD to sell.
I don't have the answer to music pricing - or how to make music special in the same way that a painting or sculpture can be.
But it was fun to think about and price my album in the same way I might a sculpture or painting.
Comments
Great post Jeff! What a business the music business is. It is the only trade I know where workers will actually under sell you by working for free. Name me one.
Is it art or not?
Posted by: Tucson Bass Player | January 25, 2009 07:06 AM
Good point. Is it Art?
I just remembered my mastering engineer Joe Gastwirt called Outre - "an art record".
I hadn't considered if that meant I could charge more or less than the mainstream swill he was used to mastering. ;)
Posted by: Jeff Schmidt | January 25, 2009 10:05 AM
I say if someone paid 85 bucks, raise the price! See how high you can go. Are your CDs selling fast? How many are left? Are you going to produce more copies? If the supply is limited, the price should go up, right? What have you got to lose?
Artists sell signed and numbered limited edition prints of their original paintings for hundreds of dollars. Why shouldn't musicians do the same thing?
Posted by: Active Reasoner | January 25, 2009 12:30 PM
ha! well - at $85 each, sales of CDs slowed fairly considerably. ;) But from what I can tell - downloads remained steady.
I won't make more when it sells out. That should happen this year even if I don't play any gigs.
Maybe I'll release a vinyl version after the CD sells out. The CD was made off a 1/2 tape master. It meets the specs.
hmmmm.
:)
Posted by: Jeff Schmidt | January 25, 2009 02:23 PM
Yeah! That's the mentality I'm talking about. Who pays the premium for an original work of art? Only the most ardent art lover. Art fanatics have to own something tangible; that brings them closer to the creator, and by their purchase, they are contributing to keep the artist's creative process alive.
You nailed the art collector attitude by bringing up vinyl. Man, you have got to truly love music to buy a vinyl album. I think as time goes by, hard copies of music will be for the hard core collectors. They're the ones willing to pay any price for a trophy that expresses themselves.
Then again, maybe whoever paid the 85 bucks was a dummy who thought the price was $8.50, and will freak when the bill arrives, and demand the money back! He,He.
Posted by: Active Reasoner | January 26, 2009 12:02 AM
I was about one day from buying it at $85- I saw the price once and convinced some of my friends to pay a third for it, and share it between the three of us... Instead I saw the difference and bought three.
Posted by: Jordan | February 18, 2009 12:35 PM
There's always one!
An interesting experiment, bet you didn't expect anyone to buy one at $85?
The only way you can compare Art (as in painting) with Art (as in music) is having the original. Master tapes of the Beatles for instance (or many other famous recordings such as Motown tapes) would fetch large amounts of $'s, but a CD copy will not. The original of the Mona Lisa is priceless, but a print is a few $'s.
Sorry, I'm talking crap, well done for giving it a go. Keep up the good work, only just found your site and still catching up, some great stuff.
Posted by: Bassbunter | March 22, 2009 04:48 PM